Connected Healthcare Market to Boom at 15.6% CAGR, Reaching US$220.3 Billion by 2033

Connected Healthcare Market
Connected Healthcare Market

The connected healthcare market is expected to reach a worth of US$ 51.7 billion in 2023 and grow at a 15.6% compound annual growth rate (CAGR) from 2023 to 2033. The industry is predicted to be valued US$ 220.3 billion by the conclusion of the aforementioned evaluation period. The digital transformation of our day presents us with the opportunity to take use of technological advancements to create proactive connected health and social care models that are patient-centered and designed to enable effective wellness and health management across the lifetime.

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A Paradigm Shift in Healthcare:

The digital revolution is paving the way for a more proactive and patient-centered approach to healthcare. Connected health solutions are fundamentally changing the landscape, offering several key advantages:

  • Improved Communication and Collaboration: Connected health platforms enable seamless information sharing and communication between patients, healthcare providers, and caregivers. This fosters a more collaborative healthcare environment, leading to better-informed decisions and improved care coordination.
  • Shift from Reactive to Proactive Care: Traditional healthcare often focuses on reactive treatment of existing health issues. Connected health empowers patients with tools and resources to manage their health proactively. This preventive approach can help identify potential health risks early on, leading to better long-term outcomes.
  • Empowering Patients: Connected health solutions put patients at the center of their care journey. By providing access to health data and educational resources, patients are empowered to make informed decisions about their health and participate actively in their treatment plans.

Key Takeaways:

  • The global connected healthcare market is projected to reach a staggering US$220.3 billion by 2033, reflecting a robust CAGR of 15.6%.
  • The market valuation in 2023 stood at US$51.7 billion, highlighting the significant growth potential driven by the digital transformation of healthcare.
  • Connected healthcare offers a patient-centric approach, empowering individuals to manage their health proactively.

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Some of the key players operating in the Connected healthcare market are:

  • 3M
  • CardinalHealth
  • Avcor Health Care
  • Tetra Medical Supply Corp
  • Patterson Medical
  • DJO Global
  • Paul Hartmann
  • Medtronic
  • Kerma Medical Products
  • DeRoyal Industries
  • BSN Medical Inc
  • Alimed
  • Anji Chaoqiang Bandage Weaving Factory
  • Andover Healthcare
  • Anji FangYuan Sanitary Material
  • Anji Jixiang
  • Zhejiang Dongyang Dongsheng Medical Dressing
  • Hubei Joy Bone Medical Products
  • GSPmed.

Manufacturers in the market focus on carrying out certain strategic activities such as acquisitions and merger, expansion, product launch, etc.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Key Segment

By Product Type:

  • General Elastic Bandages
  • Coloured Elastic Bandages
  • Short Stretch Bandages
  • Multilayer Compression Bandages
  • Long Short Stretch Bandages

By Material Type:

  • Polyester
  • Latex
  • Cotton
  • Others

By Application Type:

  • Wound Management
  • Deep Vein Thrombosis
  • Lymphedema
  • Others

By End Use:

  • Hospitals & Ambulatory Surgical Centres
  • Diagnostic Centres
  • Hospitals
  • Clinics
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • The Middle East and Africa

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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